Only through legislation providing a choice between federal regulation and continued state regulation can agents and companies seek a charter that best serves the interests of their current and future policyholders.
Legislation
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The National Insurance Act of 2007, S. 40
On May 24, 2007 United States Senators John Sununu (R-NH) and Tim Johnson (D-SD) introduced this landmark legislation to bring uniformity and predictability to how life and property/casualty insurance is regulated. Under their bill, insurers operating under multiple state jurisdictions could choose to be regulated at the national level under a new "Optional Federal Charter (OFC)." OFC stands to reduce the cost and improve the delivery of insurance products.
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The National Insurance Act of 2007, H.R. 3200
Introduced on July 25, 2007 by U.S. Representatives Melissa Bean (D-IL) and Ed Royce (R-CA), HR 3200, The National Insurance Act is designed to mirror the regulatory structure found in the dual banking system, and would provide the insurance industry with a more effective regulatory alternative. This legislation would create an optional federal charter which would allow all insurance providers to choose to continue to be regulated at the state level or, instead, by the new federal regulator.
- The National Insurance Act of 2007, H.R. 3200
- OFC Legislation will Benefit and Protect Consumers
- OFC Fact Sheet
- Questions and Answers
- Statement and Outline by Reps. Bean and Royce
- Reps. Bean and Royce Dear Colleague Letter, August 2, 2007
- Reps. Bean and Royce Dear Colleague Letter, October 10, 2007
- Time for an Optional Federal Charter for Insurance, Rep. Royce Press Release, October 3, 2007
Congressional Testimony
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House Committee on Financial Services, Capital Markets Subcommittee
Examining Proposals on Insurance Regulatory Reform - April 16, 2008
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The Honorable David G. Nason
Assistant Secretary for Financial Institutions, Department of the Treasury -
Mr. Alastair Shore
Senior Vice President and Chief Underwriter, CUNA Mutual
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The Honorable David G. Nason
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House Committee on Financial Services, Capital Markets Subcommittee
Additional Perspectives on the Need for Insurance Regulation Reform - October 30, 2007
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Mr. Franklin W. Nutter
President, Reinsurance Association of America -
Mr. Alessandro Iuppa
Senior Vice President, Government and Industry Affairs, Zurich North America; representing Financial Services Roundtable -
Mr. John W. Felton IV
President, Tennessee Brokerage Agency; representing National Association of Independent Life Brokerage Agencies
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Mr. Franklin W. Nutter
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House Committee on Financial Services, Capital Markets Subcommittee
The Need for Insurance Regulation Reform - October 3, 2007
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Mr. Christopher M. Condron
Chairman of the Board and Chief Executive Officer, AXA Equitable Life Insurance Company; representing American Council of Life Insurers -
Mr. Albert R. Counselman
President and Chief Executive Officer, RCM&D, Inc.; representing Council of Insurance Agents and Brokers -
Mr. William H. McCartney
Senior Vice President Insurance Regulatory Policy, United States Automobile Association (USAA); representing American Insurance Association
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Mr. Christopher M. Condron
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US Senate Committee on Banking, Housing, and Urban Affairs
Perspectives on Insurance Regulation - July 18, 2006
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The Honorable Randal K. Quarles
Under Secretary for Domestic Finance, Department of the Treasury -
Dr. Scott Harrington
Alan B. Miller Professor, The Wharton School, University of Pennsylvania -
Dr. Robert W. Klein
Director of the Center for Risk Management and Insurance Research, Georgia State University
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The Honorable Randal K. Quarles
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US Senate Committee on Banking, Housing, and Urban Affairs
Insurance Regulation Reform - July 11, 2006
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Mr. Joseph Beneducci
President and COO, The Fireman's Fund; representing American Insurance Association -
Mr. John D. Johns
President and CEO, Protective Life Corporation; representing American Council of Life Insurers -
Mr. Alan Liebowitz
President, Old Mutual (Bermuda) Ltd.; representing American Bankers Insurance Association
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Mr. Joseph Beneducci
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US Senate Committee on Banking, Housing, and Urban Affairs
Examination and Oversight of the Condition and Regulation of the Insurance Industry - September 22, 2004
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Mr. Arthur Ryan
Chairman and CEO, Prudential Financial and Chairman, American Council of Life Insurers -
Mr. William McCartney
Senior Vice President, Government and Industry Relations USAA Group; representing American Insurance Association
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Mr. Arthur Ryan
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House Committee on Financial Services, Capital Markets Subcommittee
Working with State Regulators to Increase Insurance Choices for Consumers - March 31, 2004
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Ms. Janice Ochenkowski
Vice President of External Affairs, Risk and Insurance Management Society
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Ms. Janice Ochenkowski